NAVI MUMBAI: On the opening day of the 16th Mega Property Exhibition of Builders Association of Navi Mumbai (BANM) in Vashi, developers said Naina project will boost the city’s image and bring down real estate pricing.

BANM member and immediate past president, Devang Trivedi, told TOI, “In Navi Mumbai, we have a total of 1 crore square feet pending real estate area for sale. These are mainly ready possession properties. Once Naina is complete, an additional 1.5 crore square feet of realty space will open up, which will reduce real estate prices to Rs 2,500 to Rs 3,500 psf.”

Senior VP of BANM, Haresh Chheda, added, “In two years, peripheral areas of Panvel, which are part of Naina, will open up close to 1 crore square feet area for development. It will be as large as three nodes of present day Navi Mumbai.”

When asked why realty space of 1 crore square feet is till lying unsold in the ready possession market, BANM president Dharmendra Karia said, “The land available is limited and FSI provided here is only 1.5. So, builders have held on to the high rates, as they do not want to suffer losses. That is why we are cheering for Naina, as it will make housing affordable.”

Chheda added, “If one compares growth in Navi Mumbai with Gurgaon, it is amazing to see how Haryana government encouraged vertical growth by giving 3.5 FSI, while we still struggle with 1.5 FSI. In Naina projects, state has promised 1.7 FSI.”